ServiceNow Regulatory Change Management

Managing Regulatory Change

Keep pace with evolving regulations

In today’s complex regulatory landscape, organizations are constantly on their toes keeping pace with new regulatory developments and associated risks. The enormous fines levied for non-compliance can cause a dent in an organization’s finances and significant reputational damage. This has led to a growing emphasis on having a robust framework to manage regulatory change.

The ServiceNow Regulatory Change Management solution enables you to proactively manage regulatory changes to keep up with today’s ever-changing regulatory environment, with its constantly expanding obligations. Integrated with ServiceNow’s Risk and Compliance applications, it can help map the external regulations to your internal controls and processes. We integrate out-of-the-box with Thomson Reuters Regulatory Intelligence feeds for the most current list of regulatory events that you can assess to determine the impact to the business.

The Regulatory Change Dashboard provides visibility into an organization’s regulatory landscape including events, tasks, and due dates. The result is a seamless end-to-end regulatory change management program.

AI helps improve regulatory mapping

You may receive hundreds of alerts daily. AI-powered recommendations smartly identify the closest match between internal documents or citations and incoming alerts for you. This provides efficient mapping of citations with high volumes of libraries or internal documents and additional context on citations, including associated confidence score, title, description and date last updated. In addition to contextual insights on child citations, control objectives and authority document.

Associate only those alerts that are relevant for your organization. AI-driven regulatory compliance mappings enable you to make informed decisions on associating AI-powered recommendations that increase user engagement, improve discoverability, and save time.

Create a standardized regulatory taxonomy

Manage your regulatory taxonomy. Easily create and manage a standardized regulatory taxonomy in ServiceNow that is agnostic of any regulatory intelligence provider. A framework is provided to create and manage a hierarchical taxonomy with tags to index the library for easy content discovery and automation.

Map multiple providers’ taxonomies to yours easily to help maintain a single, uniform, and consistent taxonomy across your organization, irrespective of the number of data sources integrated with or subscribed to. 

Track changes to regulatory obligations

Having a single library for all regulatory content along with obligations helps you get visibility into the regulatory horizon and

receive alerts when there is a development or change – catching it before it is implemented. Take advantage of out-ofthe-box integration with Thomson Reuters Regulatory Intelligence. You can also Import yourr egulatory alerts in bulk.

Triage regulatory events and assess impact

ServiceNow’s robust workflow management system can be used to assess the applicability of regulatory events, the impact, and map - manually or using AI - the event to internal GRC policies, processes, and controls. Automated regulatory alert triage routes alerts to domain experts who can promptly and proficiently address compliance issues within their areas of specialization enabling proactive management of regulatory risks and obligations Impact assessments can be conducted using the Advanced Risk assessment engine, which offers highly configurable impact assessment methodologies and an automated rating calculation. Automated factors can be used to collect information from the platform.

Manage changes

Your risk and compliance teams can plan and execute changes to policies, processes, risks and controls using task management. Use the chat capability to streamline communication and enhance collaboration among distributed risk and compliance teams working on regulatory change tasks. With ServiceNow Regulatory Change you can monitor the implementation progress and record the changes as evidence. Workflows assign tasks to the appropriate owners and effectively track tasks to closure.

Reports and dashboards

View regulatory change as it occurs through configurable reports and the Regulatory Change Dashboard, along with notifications and alerts. Reports and dashboards can be filtered by multiple attributes – and include a calendar to view events and due dates. This increases the transparency of regulatory compliance across the organization and at all levels.